Strategic Asset Allocation
The Strategic asset allocation is our long-term investment approach for mutual funds and other asset management products as well as discretionary portfolios.
The strategic asset allocation is evaluated and revised when market fundamentals change.
Tactical Asset Allocation
Every quarter, or sooner if circumstances require, our Investment Committee reviews and adjusts the Strategic Asset Allocations based on the medium-term deviations from the strategic allocation. The framework of the tactical asset allocation is determined by an in-depth analysis carried out by Economic Analyses and the Investment Strategy division and specifically by:
- estimates of the evolution of the business cycle and its impact on asset returns
- our econometric analyses of key asset classes (stocks, bonds, commodities & foreign exchange)
- the technical analysis model for the main investment categories
Current Asset Allocation
Our asset managers have the possibility to deviate in the short term from the Investment Committee’s proposals, provided it is within the limits of the Strategic Asset Allocation.